PNB MetLife Term Insurance Review

PNB Met Life has emerged as a leading insurer in India’s term insurance sector because of its decent claim performance and substantial financial backing.

At Ditto, we’ve guided thousands of people daily to make smarter insurance choices, so we truly understand what matters most when selecting an insurer. This guide walks you through the plans offered by PNB MetLife and its features.

About PNB MetLife Insurance India

PNB MetLife is a joint venture between Punjab National Bank, MetLife International Holdings, M. Pallonji and Company Private Limited, and Jammu & Kashmir Bank Limited. 

The insurer has been operating since 2001 and serves customers across 178 branches, and 20,000+  locations through strong bank partnerships.

Take Note: The insurer has a good CSR and ASR, a strong scale of business, and a decent solvency position. While complaint volumes have historically been on the higher side, they have been declining in recent years, which is a positive trend.

Note: Aajeevan Suraksha matures at age 80 for fixed-term and 99 for whole life. Mera Term Plan Plus matures at 99 for Life/Life Plus, and 75 for Life + Health or return of premium (ROP) options. This is a generic table, so it is recommended to check plan specific criteria.

Plans Offered by  PNB MetLife Insurance

1. PNB MetLife DigiProtect Term Plan: The PNB MetLife DigiProtect Term Plan is a non-linked, non-participating, and pure protection life insurance policy designed for today’s salaried individuals. One major drawback of the policy is that it offers no riders for critical illness payout or premium waivers. Some of its features are:

• You can exit the policy before maturity and get a refund of all premiums paid, subject to the plan’s t&c. This feature does not apply if your policy term is less than 40 years.
• After paying premiums for at least three years, you may be allowed to defer premium payments for up to 12 months while keeping the full risk cover. The feature is available every five years, but cannot be availed during the last five years of the policy term.
• If the insured is diagnosed with a terminal illness and is expected to live for twelve months or less, the term policy pays the entire benefit early to help with expenses.
• With the express claim payout option, a part of the sum assured (₹3 lakh) will be paid within one working day. This applies to a minimum SA of ₹1cr and does not apply in case of terminal illness.

Note: The listed premiums are for a non-smoker profile, with a sum assured of ₹ 2 crore (Coverage till age 70, without first year discounts).

2. PNB MetLife Mera Term Plan Plus: The policy is a well-rounded term plan with flexible coverage, ROP, spouse cover, and riders, including life cover up to age 99. While it lacks some modern features like instant payout claim intimation and auto cover continuance benefit, it remains a solid choice for straightforward, long-term protection. Some of its features are:

• Offers variants like Life, Life Plus and Life Plus Health
• You get to choose from three cover enhancement options (Step up, life stage or child education support benefit), but the cover cannot exceed 100% of the basic sum assured
• Includes riders like the accidental disability benefit rider and the critical illness rider
• Return of premiums available with a maximum policy term of 40 years or a maximum maturity age of 75 years, whichever is earlier
• Spouse Coverage, which allows the policyholder (First Life) to cover their spouse (Second Life) under the same policy, subject to policy t&c

For a 25-year-old non-smoker, the annual premium for a ₹1 crore cover up to age 60 is around ₹8,600 for men and ₹7,400 for women. If the cover increases to ₹2 crore with coverage till age 70, premiums rise to about ₹33,200 for men and ₹26,400 for women.

3. PNB MetLife Aajeevan Suraksha Plan: Aajeevan Suraksha offers basic protection through whole-life cover and an in-built terminal illness benefit. However, it lacks modern features and key riders like comprehensive critical illness and waiver of premium, which limits its overall flexibility and value. Some of its features are:

• Offers fixed term and whole life cover options
• Offers accidental death benefit rider plus and serious illness rider
• Return of premiums option is available

For a 25-year-old non-smoker, the annual premium for ₹1 crore cover up to age 60 is about ₹8,930 for men and ₹7,695 for women. If the cover is increased to ₹2 crore up to age 70, premiums rise to roughly ₹29,830 for men and ₹23,560 for women.

Note: The listed premiums are for a non-smoker profile, male with a sum assured of ₹ 2 crore (Coverage till age 70, without first year discounts). 

Key Insight: PNB MetLife sits in the mid-to-high premium range. It is more expensive than Bajaj, Axis Max, and ICICI Prudential, but still more affordable than HDFC Life for similar term coverage.

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Ditto’s Take on PNB MetLife Term Insurance Plans

The insurer offers decent features for a pure life cover but largely misses modern features like instant cover on claim intimation, auto cover continuance, and integrated health services. This could be a drawback for those seeking a more comprehensive and contemporary protection plan. 

Premiums are on the higher side despite attractive first-year discounts, and there are no standout features that clearly set it apart from competitors. PNB MetLife plans suit people who are existing customers of PNB bank and prefer seamless integration with banking services.

If you are looking for a term plan from insurers with established track records and affordable riders, we recommend comprehensive plans, which align with your long-term goals. Explore more about how our experts evaluate term plans through Ditto’s cut.

Note: Ditto is not a partner of PNB MetLife Insurance. All information in this article is based on details available on PNB MetLife’s official website and other publicly available sources.